4.—(1) In these Regulations, “over the counter hedging transaction” means any transaction, other than a transaction carried out on any exchange , in commodity swaps or options including caps, collars, floors and swap options, where —
(a)
the consideration or other payment in the transaction is calculated on the basis of the price of any commodity;
(b)
the transaction, if it is one carried out in the basis period relating to any year of assessment before the year of assessment 2007, is in connection with and incidental to any physical trading, or the Minister or such person as he may appoint has waived this requirement under paragraph (2) in respect of that transaction; and
(c)
the transaction is carried out by an approved global trading company with —
(i)
a person who is neither a resident of nor a permanent establishment in Singapore;
(ii)
a branch office outside Singapore of a company resident in Singapore;
(iii)
an Asian Currency Unit of a financial institution;
(iv)
an approved oil trading company;
(v)
an approved international commodity trading company;
(vi)
another approved global trading company;
(vii)
a person who carries on the business of refining petroleum in Singapore ;
(viii)
an approved commodity derivatives trading company ;
[S 189/2008 wef Y/A 2006 & Sub Ys/A: 2008-SL-134-RG-189]
[S 593/2009 wef Y/A 2006 & Sub Ys/A:2009-SL-134-RG-593]
[S 593/2009 wef 24/05/2007]
(ix)
a financial sector incentive company which is —
(A)
a bank licensed under the Banking Act (Cap. 19); or
(B)
a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
[S 593/2009 wef Y/A 2006 & Sub Ys/A:2009-SL-134-RG-593]
[S 593/2009 wef 24/05/2007]
(x)
any other person on or after 24th May 2007, provided that the transaction is cleared on or after that date through the SGX AsiaClear Facility by the Singapore Exchange Derivatives Clearing Limited ;
[S 593/2009 wef 24/05/2007]
(xi)
a financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company;
[S 26/2011 wef 27/02/2009]
(xii)
a financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company;
[S 26/2011 wef 27/02/2009]
(xiii)
a financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company; or
[S 26/2011 wef 27/02/2009]
(xiv)
a financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company.
[S 26/2011 wef 27/02/2009]
(2) The Minister or such person as he may appoint may, in any case in which he thinks fit, waive the requirement under paragraph (1)(b) for the transaction to be in connection with and incidental to any physical trading.